CACI International [CACI] on Wednesday reported double-digit increases in income and sales in its second quarter, continuing where it left off after the first quarter.
Net income rose 24 percent to a record $41.1 million, $1.51 earnings per share (EPS), from $33.2 million ($1.08 EPS), topping consensus estimates by 21 cents EPS. Sales increased 12 percent to a record $973.2 million from $867.3 million a year ago.
CACI attributed the sales gain to higher volumes of intelligence, surveillance and reconnaissance, business systems, and cyber-related work. Most of the growth, 9 percent, was organic.
“For years we have invested our capabilities and client relationships, and positioned our company in the growth areas of cyber space, counter-terrorism, and intelligence, surveillance and reconnaissance that are emphasized in the Department of Defense’s recently released strategic guidance and proposed five-year defense budget,” Paul Cofoni, CACI’s president and CEO, said in a statement.
The strong quarter led CACI to raise its FY ’12 net income guidance by $5 million to between $162 million ($5.72 EPS) and $168 million ($5.94 EPS). Sales are still expected to be between $3.9 billion and $4.1 billion.
Regarding DoD’s strategic guidance, Cofoni said that increased reliance on the United States Special Operations Command (SOCOM) should benefit CACI which supports that command.